Wessanen to acquire IneoBio, an expert in Organic coffee and tea and owner of Destination brand

Wessanen to acquire IneoBio, an expert in Organic coffee and tea and owner of Destination, leading brand in France

Wessanen and the owners of Ineobio have signed an agreement for the purchase of IneoBio.

Closing is expected to be in June 2016.

Over the last few years, Ineobio has recorded strong growth in its core categories of tea and coffee. In 2015, net revenue amounted to €21 million. Ineobio employs 76 full time employees. Wessanen expects the acquisition to contribute immediately to EBIT and Net Earnings Per Share.

Ineobio is an expert in organic coffees, teas and herbal infusions and is the owner of Destination, the leading brand in Coffee and Tea in French Health Food Stores. It operates an advanced manufacturing plant in Bordeaux (France) and also exports successfully to a wide range of countries. It has a broad range of high quality coffees as well as herbal, black and green teas and is 100% organic and where relevant, fair trade certified.

Organic Tea & Coffee is a core category for Wessanen and a key part of the market for healthy, sustainable and organic food. Wessanen is already a European leader in Organic teas and Destination will become the flagship of our coffee brands and enhance the presence we already have with the Alter Eco & Bonneterre brands.

Christophe Barnouin (CEO of Wessanen): "The acquisition of Ineobio/Destination is a further step in the execution of our strategy. Destination has great knowledge in the sourcing, blending and manufacturing of organic teas & coffees. It will strengthen our R&D and production capabilities to fuel the growth of our brands in Europe in this core category.

It reinforces again our commitment to organic food as well as to the organic specialised trade : Ineobio, and Wessanen are two companies committed to organic food and sustainable farming."

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